With general availability set for April, we are excited to announce that a major new version of Moody’s RMS RiskLink®, RiskBrowser®, and related products (Version 24) will be released simultaneously for both on-premises for download and in the cloud as added capability to all relevant Moody’s RMS Intelligent Risk Platform™ (IRP) applications.
Some highlights of the upcoming Version 24 release include:
- A significant update to the Moody’s RMS Caribbean Earthquake Model
- Updates to Builders Risk, Marine Cargo, and Industrial Facilities Models
- New Industry Exposure Databases and Industry Loss Curves
- Geocoding Updates
- Software Updates
For customers using the IRP and its hosted applications, this new release now means that the IRP supports six model versions simultaneously: from Version 18, 18.1, 21, 22, 23, through to the latest Version 24.
Let’s dive into the update:
Caribbean Earthquake Model
In Version 24, Moody's RMS is updating and enhancing the Caribbean Earthquake Model, to supersede the existing model version available in Version 23 RiskLink and RiskBrowser, Risk Modeler™, and UnderwriteIQ™.
This Version 24 Caribbean Earthquake Model provides the most up-to-date view of earthquake risk across the Caribbean with geographic coverage expanded to now include Aruba, the Bahamas, Bermuda, Bonaire, Cuba, and Curacao.
Based on the latest Moody's RMS earthquake modeling approaches, the Caribbean Earthquake Model introduces several scientific and methodological enhancements to the stochastic event set, hazard, and vulnerability components.
These include:
- A new event catalog featuring over 100,000 events, along with new event rate sets and geometries for the different earthquake sources.
- New ground motion models that capture the increased number of global ground motion recordings.
- Geotechnical model updates covering soil, liquefaction, and landslide.
- Building inventory updates that reflect the current view of exposure across the region.
- Updates to vulnerability based on the latest understanding of building performance
- Marine Cargo Model, Industrial Facilities Model (with new supported facility types), and Builders Risk Model updates
Industry Exposure Databases and Industry Loss Curves
Moody's RMS is also releasing a new earthquake Industry Exposure Database (IED) and Industry Loss Curves (ILCs) for the Caribbean that cover all countries within the domain of the updated models.
Updates to Builders Risk and Marine Cargo Models
In addition to the Caribbean Earthquake Model updates for the builders' risk, marine cargo, and industrial facilities models, Version 24 also includes the following updates:
- North American Earthquake Model Suite: Builders Risk has been added to the Canada and Mexico Earthquake Models, completing Builders Risk earthquake model coverage for North America.
- Builders Risk Model Construction Phase Script: An updated script covers flood peril in addition to wind and earthquake. By applying the script to an Exposure Data Module (EDM) database, model users can reflect the proper phase of construction and percent deductibles given a specific date.
- India Inland Flood Model: The Marine Cargo Model has expanded to include the India Inland Flood Model to improve the global coverage of the Marine Cargo Model and to enhance model coverage for India.
Geocoding Updates
The new Version 24 sees updates to the geocoding data for 165 non-modeled countries.
To improve Moody's RMS global geocoding coverage for current products and to support the future product roadmap, this update adds the following new data:
- New points of interest (POIs) for 126 countries
- New street coverage for 43 countries
- New address information for 40 countries
In addition to the updates above, we have made several usability improvements to RiskLink such as the ability to add new models without having to reinstall software.
If you are a Moody’s RMS client and would like more information on the latest Version 24 release, please contact your Moody’s RMS Customer Success Manager.
